The Annual General Meeting of L'OREAL was held at the headquarters of UNESCO in Paris on Tuesday 29th May, 2001 under the chairmanship of Mr Lindsay OWEN-JONES, Chairman and Chief Executive Officer. During his speech, he said: "2000 was a historical year for L'Oréal, our growth rate set an all-time record level...Our confidence is further strengthened for 2001".

The AGM approved the financial statements for 2000. Consolidated sales amounted to Eur 12.67 billion (FF 83.12 billion). Net profit on ordinary activities before capital gains and losses, after minority interests, was over Eur 1 billion (FF 6.74 billion), giving Earnings per Share of Eur 1.52 (FF 9.96), representing an increase of 24.2%, and double-digit growth for the sixteenth year in succession.

The AGM decided on a net dividend of Eur 0.44 per share (approximately FF 2.89), which, by decision of the Board of Directors, will be paid on 8th June, 2001 by any financial intermediary. The dividend growth rate compared with 1999 is 29.4%, and the payment date is much earlier than usual.

The AGM renewed the tenure of four directors: Madame Françoise BETTENCOURT MEYERS, Mr Peter BRABECK-LETMATHE, Mr François DALLE and Mr Jean-Pierre MEYERS. Mr Guy LANDON, after a long career for which he received the congratulations of the Board of Directors, did not wish to have his tenure renewed.

The AGM also appointed Mr Jean-Pierre PICARD as Substitute Auditor to replace Mr Etienne JACQUEMIN. The latter was appointed Staturory Auditor to replace Mr Patrice de MAISTRE, who resigned for personal reasons.

Furthermore, the AGM renewed the authorisation usually granted to the Board of Directors for a period of 18 months enabling it to buy back the company's own shares up to a limit of 6% of the share capital.